BTC Update! Resistance broken and poor follow through!

8 Okt 2018

Well as I was typing and posting my chart this morning, the bulls were making their break. They beat the $6640's resistance and quickly pulled back (upper wick of candle). This is a bearish candlestick and would look for further consolidation. I personally have re-filled again on this pullback and am in as much of a BTC position as I personally care to be at this time. I've slowly been adding since $6410 so with an average fill on this trade which has now turned into a swing trade rather than scalp due to all the sideways action, gives me an average fill in the low $6500's. Majority of position will be utilizing the $6492 area as a stop loss and will look to profit take some if the bulls can break towards $6750-6780 and then again if they beat the next resistances at $6787 and $6823, I'll look to scale out more towards 7k. Remember, the weekly chart I am still looking for a lower high compared to $7403 and not convinced yet that $6823 is it. Overall a pretty boring market but often that is when a sudden break out or break down can occur. So happily in position with minimal risk to the downside. If bulls can establish another higher low on the daily then it will comfortably put me into profit for the trade. I'll be away end of week/weekend so hopefully get one more update prior to being gone and otherwise will just have my SL's in place as well as alerts to look to profit take. Happy Trading!

Just My 2 Sats!